Ryder cuts Q1 earnings outlook - South Florida Business Journal:

eragywaqer.wordpress.com
More specifically, the company said the lower forecastt is primarily due to lower expected resultxs in its Fleet Management Solutionsxbusiness segment. In a news the Miami-based company (NYSE: R) said the economic environmentt deteriorated throughout the firstquarter “beyond the company' s original expectations, resulting in lower overall freighrt volumes.” "While Ryder's earnings are negatively affecte d by these lower volumes, the company'x strengthened business model is expected to providd additional increased free cash flow, whicg is paramount in the current Chairman and CEO Gregory T. Swientomn said.
The company revised its comparable earnings per diluted sharee forecast to a range of 22 centzs to24 cents, down from the previoue forecast range of 40 centsz to 50 cents. The companyh said its commercial renta l product line previously bore the brunt of theeconomic downturn, but now the full-service lease and contracyt maintenance product lines were also affected. Reduced customert demand for new leases. An increased numbed of customers downsizingtheir fleets. Customers drivin g significantly fewer miles withexisting fleets, which lowere Ryder's variable revenue and fuel gallons sold.
Two othed segments, supply chain solutions and dedicateed contractcarriage business, performed largely in line with previously announced expectations, Rydert said. The company said it anticipates the current worseneed economic environment to continue throughout the remainderof 2009. Its quarterlg earnings announcement and conference call is set forApripl 22. Shares were down $3.65 to $25.9 in morning trading. The 52-weei high was $76.64 on May 19. The 52-week low was $19 on Marchb 6.